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Paul Michael Treiber

Director and Senior Equity Research Analyst at RBC Capital Markets, LLC

Paul Treiber is a Director and Senior Equity Research Analyst at RBC Capital Markets, specializing in Canadian technology sector coverage, including both hardware and software companies as well as internet and services firms. He covers notable companies such as Shopify, Celestica, Lightspeed Commerce, Sierra Wireless, Evertz Technologies, and Goodfood Market Corp, with a documented success rate of approximately 65% and average returns per recommendation ranging from 14.5% to nearly 30%; his most profitable rating generated a 238.8% return on Celestica. With nearly two decades in equity research, Treiber has consistently ranked among top analysts in Canadian technology, holding prior analyst positions and joining RBC in the mid-2000s. He holds the CFA designation and maintains professional securities licensing, including FINRA registration, further supporting his analytical credentials.

Paul Michael Treiber's questions to BLACKBERRY (BB) leadership

Question · Q2 2026

Paul Michael Treiber from RBC Capital Markets asked about the back-end loaded outlook for QNX revenue, seeking clarification on whether the anticipated pickup in the second half of the year is driven by one-time licenses/professional services or a ramp in royalties. He also inquired about the current status of large automotive OEM programs, specifically if they are back on track after earlier uncertainties or if delays persist.

Answer

CFO Tim Foote explained that QNX's back-end loaded revenue pattern is typical, with Q1 being the lowest and Q4 the highest, primarily driven by the timing of development seat licenses and design work, alongside growing royalties. He clarified that while automotive programs are starting to come online, they are still "shifted to the right" due to ongoing tariff headwinds and software development complexities, though there is more certainty than previously. CEO John Giamatteo added that increased S&P global light vehicle production and stable OEM guidance suggest a stabilization and an "unpressing of the pause button."

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Question · Q2 2026

Paul Michael Treiber inquired about the back-end loaded QNX revenue outlook for the year, seeking clarification on whether it's driven by licensed sales, professional services, or a ramp in royalties. He also asked for an update on the automotive market, specifically if new platform development programs by OEMs are back on track after earlier uncertainties.

Answer

CFO Tim Foote stated that the back-end loaded QNX revenue pattern is typical, primarily driven by the timing of development seat licenses and program starts, with royalties also showing sequential growth. He noted that while programs are coming online, they have shifted to the right, and challenges remain despite decreased uncertainty. CEO John Giamatteo added that increased global light vehicle production and stable OEM guidance indicate market stabilization.

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